UPDATE: Wedbush Securities Reiterates Outperform Rating, Lowers PT on Polypore International

In a report published Monday, Wedbush Securities reiterated its Outperform rating on Polypore International

, but lowered its price target from $41.00 to $39.00. Wedbush Securities noted, “We remain constructive on Polypore for the company's industry leadership in lithium separators, growthy consumer lithium-ion market characteristics, and strong and stable business in lead acid separators and separations media. Polypore reduced its 2H12 outlook on September 11 based on a continued drag from production startup challenges and certain market weakness. Polypore sees 3Q12 adj. EPS in the low-to-mid-30 cent range, vs. our previous $0.51 estimate and then $0.50 consensus. Mgmt cited the Volt production furlough (announced 28 Aug) from mid-Sept to mid-Oct as impacting anticipated demand. 2H12 adj. EPS is expected to be slightly less than or equal to 1H12's $0.98, with 4Q12 adj. EPS of low-50-cent to low-60-cent range. Our prior 4Q12 adj. EPS was $0.61, with consensus at $0.62, and 4Q11 of $0.58. We estimate 2H12 adj. EPS could range from $0.82-$0.98, below our previous $1.13 and the consensus $1.12.” Polypore International closed on Friday at $34.98.